Family Bank Managing Director David Thuku (PHOTO: FILE) By Standard Reporter
In summary In June, Barclays Bank of Kenya announced that it was laying off 130 employees through a voluntary exit scheme First Community Bank also announced it was cutting down on 106 staff.
Equity Bank let go of more than 400 workers, Standard Chartered followed closely with 300 workers while Sidian Bank shed off 108 workers NAIROBI, KENYA; Family Bank has laid off 150 employees putting the figure of total bankers sent home this year to 2083. The institution said the decision was prompted by need to align its business to the current operating environment.
This is mainly due to the depressed economic performance in the first full year under the interest rate cap regime. ALSO READ: Banks face Sh195b suit for imposing charges without minister’s approval "We continue with various cost-cutting measures and in that respect, we have undertaken a restructuring programme to resize the support functions at the Head Office in order to achieve meaningful and sustainable revenue growth.
Branch operations will not be affected by this exercise," Family Bank Managing Director David Thuku said. “As a Bank, we have provided full support to the affected members of staff to ensure that they receive the necessary support in this difficult transition.”
According to the banking sector lobby Kenya Bankers Association (KBA) its members had cut 1,933 jobs between August 2016 and the end of June this year, attributing this to the adjustment to the reality of the rate cap. Last year Bank had employed 28,009 employees as at August 2016 but the bloodletting had left 26,076 employees by June 2017. RELATED TOPICS: Family Bank Kenya Bankers Association
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